Andrew Taylor has stepped down from his position as chairman of Coca-Cola Championship club Leicester.

Deputy chairman Jim McCahill will take over the role with immediate effect until a successor is appointed at the Walkers Stadium.

A statement released by the club confirmed: ‘Andrew Taylor has stepped down from his position as chairman of Leicester City. The board of directors wishes to place on record their appreciation of Andrew’s passion, commitment and considerable efforts during his tenure as chairman.’

Leicester insist Taylor’s resignation will have no effect on Milan Mandaric’s takeover.

The takeover is currently on ‘temporary hold’ after Mandaric returned to Serbia last week to tend to his seriously-ill mother.

Mandaric, who made his official bid for the club on November 1, had hoped the takeover would be finalised before the transfer window closed on Wednesday, but talks were postponed after his 86-year-old mother was admitted to hospital.

‘The board’s ongoing discussions with Milan Mandaric regarding his investment into the football club remain unaffected by the changes at board level,” continued the statement.